The man-portable military electronics industry is poised to enjoy a 3.8 percent compound annual growth rate from 2012 to 2019 due to an increase in defense system modernization efforts globally, according to a Transparency Market Research report.
The research firm said Thursday it forecasts man-portable military electronics to reach a market value of $19.7 billion by 2019, up from $15.1 billion in 2012.
Communications technology accounted for about 45.5 percent of the total market share in 2012, the report says.
The report adds several Asia-Pacific countries have launched programs to acquire modern systems designed to help soldiers communicate and gain situational awareness,
Initiatives to update electronic military equipment in the U.S., France and Australia helped drive the demand for small drones, according to Transparency Market Research.